February 24, 2024

SINGAPORE – A man cheated 20 people, including his family friends and acquaintances, of some $2.5 million in total in an investment scam between 2008 and 2013.

Murali Krishnan Naidu had duped them into thinking that their money would be invested in a moneylending business set up by his wife.

Most of the victims had drawn from their retirement savings to fund the “investments”, according to court documents.

The 53-year-old Singaporean, who has made no restitution, was sentenced to seven years and four months’ jail on Jan 22, after he was earlier convicted of 17 counts of cheating linked to nine people.

Another 43 charges, including those involving the remaining victims, were considered during sentencing.

The prosecution said that in August 2006, Murali’s wife incorporated in Singapore a licensed moneylending company known as San Tee Credit (STC).

She was its sole proprietor while he was a manager there.

Before STC was established, Murali worked at another moneylending company known as Diamond Credit from 2003 to 2006.

He was familiar with how such firms raised funds for their moneylending operations.

Deputy Public Prosecutors Jordon Li and Yeow Xuan said Murali knew it was common for moneylending companies to borrow cash from investors through investment agreements.

They would then lend out these monies to their customers.

The firms would pay the investors interest on the sums borrowed, which would typically be lower than the interest which they charge on…

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